What to Do with Extra Money

s127460621275509906_p4_i1_w240For many people saving on a regular basis can be difficult. Typically, the challenge to saving rests in the fact that there is little or no disposable income to use. Everything goes toward paying bills.

Don’t Pay Bills and Waste the Rest

For many however, saving can be part of their daily life. Unfortunately, they may not think about doing it. They would rather spend any extra money on indulgence.  In most cases, the indulgences don’t last long and can’t help in the future. Meanwhile, any extra money that is saved can help in the future with any number of challenges. The money in essence works for the saver.

In this case the best way to save on a regular basis is to do it paycheck by paycheck. Setting the process up that way causes the saver to look at the extra money as a bill.

With it, they can look to deposit the money into any number of accounts. They can put the money into something conservative or they can put it into something risky. They can even do a moderate mixture of both. A little conservative and a little risky.

Give Money to Charity

Along with other options, giving to a charity can be a great way to handle extra money. There are many organizations both locally and internationally for people to give to.  Each organization can benefit greatly from the goodwill and extra spending ability that donors may have.

Reward Yourself for Hard Work

Spending the extra money on one’s self can also be a good reward for a job well done. Many times it can serve as an incentive or even a motivator for doing more in the future. The trick is to not let it get out of hand.

When it comes to handling extra money made from work, the key is to not only look at the short term immediate need but to also look at what the money can do in the short, medium and long term. If it’s balanced the right way, it can take care of any number of needs including a little self indulgence.

 

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Author: TaxAssurances, LLC

Chex Balances is the blogsite of TaxAssurances, LLC, an independent financial services firm that provides expert advice and solutions in Accounting and Insurance. The site provides insightful and useful information around the reader's financial life. Information that helps them understand and navigate the financial details of everyday living.

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